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Corporation Home Loan

Corporation Housing Loan 2021

Last Updated 16th Jul 2021

Corporation Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.80% with quick approval and online process. Home Loan in Corporation Bank is quite popular with its special features and attractive rates under various Corporation Bank home loan schemes for different income and occupation groups. Some of the key features of Corporation Bank housing loan are:

  • Corporation Bank offers a special discount on home loan rates for women borrowers.
  • Corporation Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Corporation Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Corporation Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Corporation Bank Home Loan Details

Corporation offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Corporation

Age Min 18 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.80%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Maximum ₹ 50,000
Lowest EMI Per Lakh ₹ 652
  • Purpose of Loan: Corporation house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Corporation Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 65 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.80% to 7.35%.
    • Corporation home loan EMI per lakh starts from ₹ 652. However, you can calculate your home loan EMI using Corporation home loan calculator 2021.
  • Special schemes: Corporation offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Corporation Bank Home Loans

Some of the features and benefits of Corporation Bank Home Loans are listed as follows:-

  • Corporation Bank Home Loan Interest Rate starts from 6.70%.
  • Corporation Bank charges a processing fees of Upto 0.50%, Maximum ₹ 50,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Corporation Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Corporation Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Corporation Bank has an average customer rating of 3.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Corporation Bank?

Getting a home loan from Corporation is fairly easy with an online application process. 5 Steps for Corporation Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Corporation and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Corporation or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Corporation’s representative will visit your home or office to collect your documents.
  • Step 4: Corporation will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Corporation and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Corporation Bank Home Loan Documents Required

To apply for a home loan in Corporation, the bank asks you to submit the following Corporation Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Corporation account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Corporation Bank Home Loan EMI Calculator

Corporation home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Corporation Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Corporation Bank Home Loan Eligibility Calculator

Corporation Bank Home loan eligibility calculator is an online tool that helps the Corporation home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Corporation Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Corporation?

To apply for Corporation Bank Home Loan, you will be required to submit Corporation home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Corporation Bank ?

Below-mentioned is the reason why you must avail a home loan from Corporation

Can I apply for an Corporation home loan online?

Yes, you can apply for a Corporation home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Corporation home loan scheme?

Choosing the best Corporation home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Corporation home loan scheme is based on one’s needs.

Is Corporation good for a home loan?

Corporation is one of the best home loan lenders in the country. Currently, Corporation home loan interest rate 2021 starts at 6.50%.

How can I check my Corporation home loan status?

One can check their Corporation home loan status on Corporation’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Corporation mobile app

What is the eligibility for a Home Loan of Corporation Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Corporation Bank Home Loan procedure?

There are two methods to complete the application for Corporation Bank Home Loan Process online:

  • Apply online at Corporation Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Corporation Bank house loan?

Corporation Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Corporation Bank check CIBIL for home loan?

Yes, to avail home loan from Corporation Bank, you must fulfill Corporation Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Corporation Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Corporation Bank can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Corporation Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Corporation Home Loan News - Dec 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2019-11-08 : Corporation Bank net profit rises to 26%
    State-owned, Corporation Bank posted an increase in its net gain of 26% leading to Rs 129.76 crores. Bad retail loans like housing and property loans fell to 5.59% from 11.65% in the preceding quarter to up to Rs 6,751.20 crores. Corporation Bank is one of the leading PSU partners in the home loan.
  • 2019-08-19 : Corporation bank reduces its MCLR rate by 15 basis points
    With effect from August 15, Corporation Bank has reduced its MCLR rate by 15 bps and thus making housing loans and mortgage loans cheaper. Now, MCLR for a tenure of one year has been reduced from 8.85 % to 8.70%. Earlier, six month MCLR was charged at 8.80%, which is now reduced to 8.65%.
  • 2019-07-23 : Corporation Bank launches special housing and vehicle loans mela
    Corporation Bank announces launch of special housing and vehicle loans mela as a part of its monsoon offer 2019. The loan mela was organised at Vijaywada, Lakshmipuram branch in the cty of Andhra Pradesh. The lender will offer housing loan at 8.6 per cent and vehicle loan at 8.85 per cent rate of interest.
  • 2019-06-20 : Corporation Bank cuts one-year MCLR by five bps to 8.85%
    Corporation Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenor loan by 5 basis points to 8.85%. The move is supposed to make customer loans like home, auto, and personal loans cheaper. The six-month MCLR now stands at 8.80% as compared to 8.85% earlier. MCLR for other tenors has been kept unchanged. The revised rates are effective from June 15, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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